The surge in fossil fuel prices last year made renewable energy sources more competitive, with 86% of all new installed renewable capacity exhibiting lower costs in 2022 compared to electricity powered by fossil fuels, the International Renewable Energy Agency (IRENA) said in a new report on Tuesday. In 2022, 187 gigawatts (GW), or 86% of all the newly commissioned renewable capacity, had lower costs than fossil fuel-fired electricity, the agency said. Renewable energy capacity added over the past two decades helped to reduce the electricity…
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